PIB Group has continued its buying spree with the takeover of specialist independent Lloyd’s broker Guest Krieger.
The deal is anticipated to boost London Market capabilities of PIB.
It is also said to offer the firm a platform to manage “London placements of specialty international wholesale business emanating from PIB’s growing international portfolio of niche insurance broking firms”.
Financial terms of the deal, which awaits regulatory nod, were not disclosed.
Guest Krieger focuses on Israeli financial lines, political violence, tech & cyber liability, as well as professional and general liability.
Commenting on the deal, Guest Krieger CEO Alon Miller said: “From our first meeting, PIB Group and their investors at Apax Funds stood out as people that shared our values and vision for the future of Guest Krieger.
“They were enthusiastic to join forces with us and offered us a real and exciting opportunity to realise our long-term expansion strategy.”
Guest Krieger will continue to trade independently under the same brand.
Miller, who has been in charge since 2006, along with the management team will continue to spearhead the business.
They will remain invested in the business, operating out of its Cornhill offices in London. Miller will remain a shareholder in the group.
Speaking of the acquired entity, PIB Group CEO Brendan McManus said: “We are impressed by their dominant market position and deep expertise in niche, high-growth lines and its exceptional client base.
“Their deep understanding of the Israeli and the London market makes them a key differentiator, and what really tops off this fantastic new partnership is the fact that their culture and ethics are so aligned with those of PIB.”
Last year in September, PIB Group has snapped up Ireland’s Oliver Murphy Insurance Brokers, a regional personal and commercial lines insurance broker.
Earlier in 2021, PIB Group bought Irish insurance broker Creane & Creane, specialising in commercial and personal lines cover.